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Strong utility vehicle growth trajectory to drive M&M's FY23 performance

Revival in tractors, improvement in supply, and margin gains are other key triggers for the auto major

M&M draws aggressive 6-year plan for auto and farm equipment segments
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The company, currently in third place in the UV market in volume and in pole position in value, expects its volume rankings to improve as the semiconductor situation improves

Ram Prasad Sahu Mumbai
Robust demand trends in the utility vehicle (UV) space, improving tractor sales, turnaround in performance of subsidiaries, and better capital allocation are positives for automotive major Mahindra & Mahindra (M&M). Brokerages have revised their earnings expectations upwards and expect the automotive manufacturing corporation to achieve 18-20 per cent growth in revenue and earnings over the next two years.  

The key trigger for the stock will continue to be volume traction in automobiles, even as the tractor segment is witnessing some revival. Although chip shortage continues to be an overriding concern, gradual easing and rising order books have helped the company report